Ethiopian Airlines Obtains $159m AfDB Loan for Upgrades
Ethiopian Airlines has received approval for a $159 million financial package from the African Development Bank (AfDB) in support of its expansion plan and fleet modernization program.
This is AfDB’s second corporate loan to the carrier under its private sector window of which 85 per cent will be covered by Africa’s export credit agency, African Trade Insurance to provide credit risk insurance to the transaction.
The funding will allow Ethiopian Airlines to maintain the momentum on its expansion plan and be on track on its route operating roadmap.
Ethiopian is setting the standards in Africa’s aviation sector by operating a modern and fuel-efficient fleet; introducing new routes; and adding the frequency on existing ones.
In 2016, it increased its flight frequency to Seychelles and on its New York-Newark route and announced plans to resume flights to Conakry, Guinea in early 2017.
It also took delivery of Africa's first Airbus A350 XWB of which it plans to operate 14. I also won the SKYTRAX World Airline Award for the Best Airline Staff in Africa.
Source: Footprint to Africa.